[whowhatwhere]

olecapt - I think we just look as the market from a different point of view. To you pendings and contingent are off the market. I disagree and so do my clients. While they may not be "active listings" they are very much a part of the available inventory and need to counted as such. I always count them as being part of the market, because they are. When you pull pendings out of equation it creates a hole that doesn't belong, and leads to potentially handing out misleading information. Saying that pendings are "off the market" is a perfect example. The home will be "off the market" when it sells or listing is withdrawn/expired. Until that point it is part of the active market and needs to counted.

Thanks for the lesson on MLS and short sales, but I know. I use the MLS every day, and I understand what a short sale is. As to NOD - they are completely separate for Trustees Deeds and serve two different purposes, but they need to be looked at. To discount any portion of the market is doing everyone who receives that information a great disservice.

So again I ask - where is that bottom that you speak of. We have the same numbers from the MLS, but, further market analysis still shows over 34,000 defaults, 14.200 auction properties and over 24,000 REO properties. Seeing as there are only 7,300-ish REO properties on the MLS it would seem that there really is room for 15,000-20,000 REO properties to show up. At the very least. All those properties have to get listed somewhere.

Again - I think we just look at the market differently. And I really do appreciate the analysis that you have here and in other threads. But me thinks the idea that this market is at(or close to) the bottom is poppycock.

[olecapt]

Originally Posted by whowhatwhere

olecapt - I think we just look as the market from a different point of view. To you pendings and contingent are off the market. I disagree and so do my clients. While they may not be "active listings" they are very much a part of the available inventory and need to counted as such. I always count them as being part of the market, because they are. When you pull pendings out of equation it creates a hole that doesn't belong, and leads to potentially handing out misleading information. Saying that pendings are "off the market" is a perfect example. The home will be "off the market" when it sells or listing is withdrawn/expired. Until that point it is part of the active market and needs to counted.

Thanks for the lesson on MLS and short sales, but I know. I use the MLS every day, and I understand what a short sale is. As to NOD - they are completely separate for Trustees Deeds and serve two different purposes, but they need to be looked at. To discount any portion of the market is doing everyone who receives that information a great disservice.

So again I ask - where is that bottom that you speak of. We have the same numbers from the MLS, but, further market analysis still shows over 34,000 defaults, 14.200 auction properties and over 24,000 REO properties. Seeing as there are only 7,300-ish REO properties on the MLS it would seem that there really is room for 15,000-20,000 REO properties to show up. At the very least. All those properties have to get listed somewhere.

Again - I think we just look at the market differently. And I really do appreciate the analysis that you have here and in other threads. But me thinks the idea that this market is at(or close to) the bottom is poppycock.

You information is not very good.

You claim 24,000 REO properties. Where? Ownership of property is a public record. Kindly cite the source of this statistic.

The numbers you qoute are sufficeintly unlikely to question whether you have the faintest idea of what you speak.

Let us have some sources. You are obviously a Realtor. Should be no problem. Where did you get the

"14.200 auction properties and over 24,000 REO properties."

I think those numbers are pure BS. But hell prove me wrong. Otherwise go find a new hobby.

[whowhatwhere]

Here's where I get that information -

www.realtytrac.com

Just because you don't have, don't know where to find or don't like a particular set of numbers doesn't make them wrong or inaccurate. Some of us have to rely on more than just the MLS for information. But seeing as I don't have the faintest idea as to what I'm talking about I'll let you get back to bloviating about your obviously superior knowledge of the market.


And no, I'm not a Realtor. Never have been, and I don't want to be. But thanks for passing judgment.

[rpachigo]

Tony Las Vegas development struggles in downturn

The Associated Press: Tony Las Vegas development struggles in downturn

[olecapt]

Originally Posted by rpachigo

Tony Las Vegas development struggles in downturn

The Associated Press: Tony Las Vegas development struggles in downturn

Very old news. I started steering people away from their the day they opened.

And it is a much better story than indicated. The real developers pulled out some while ago and left a shell holding the remains. The question is can they get away with gutting the thing financially?

Should be a long and interesting financial litigation.

[olecapt]

Originally Posted by whowhatwhere

Here's where I get that information -

Foreclosure Real Estate Listings | RealtyTrac

Just because you don't have, don't know where to find or don't like a particular set of numbers doesn't make them wrong or inaccurate. Some of us have to rely on more than just the MLS for information. But seeing as I don't have the faintest idea as to what I'm talking about I'll let you get back to bloviating about your obviously superior knowledge of the market.


And no, I'm not a Realtor. Never have been, and I don't want to be. But thanks for passing judgment.

Thank goodness. I have a very low opinion of RE Agents and you were making it worse.

RealtyTrac shillls worthless information to the stupid. You get what you pay for.

Pendings and Contingent are not available to sell. They are therefore off the market by any rational defiiniton. If you wish to be irrational go for it. Why not claim that all those sold in the past year may also return to the market and therefore should be counted.

[whowhatwhere]

If pendings and contingents are not available to sell how did they get listed in the first place? Ohhhh, because they are available for sale and someone is trying to sell them. And until they are sold they are very much part of the inventory of available housing. That may seem an irrational notion to you, but it's a fundamental economic principle. It's part of the supply, and I don't have the luxury of ignoring it.

And please show me something that refutes RealtyTrac's numbers - which I don't pay for.

[airics]

if you don't pay nothing.. you get nothing!!!!

[olecapt]

Originally Posted by whowhatwhere

If pendings and contingents are not available to sell how did they get listed in the first place? Ohhhh, because they are available for sale and someone is trying to sell them. And until they are sold they are very much part of the inventory of available housing. That may seem an irrational notion to you, but it's a fundamental economic principle. It's part of the supply, and I don't have the luxury of ignoring it.

And please show me something that refutes RealtyTrac's numbers - which I don't pay for.

Realty Tracs number are easily refuted by simply checking the Clark County Tax base to see how many homes are owned by the banks. There are less than 14,000. One obvious problem is that RealtyTrac is counting those listings that they have marked as "sold". It would be obvious to most that "sold" homes are no longer available to sell. There are also many homes marked as bank owned which have not been foreclosed.

Yes Pendings and Contingents and Temps are part of some inventories and not part of others. They are not available for sale and therefore are not part of the inventory which is available for sale. A new buyer can't buy them.

[gtbguy]

Originally Posted by olecapt

Pendings and Contingent are not available to sell. They are therefore off the market by any rational defiiniton. If you wish to be irrational go for it. Why not claim that all those sold in the past year may also return to the market and therefore should be counted.

They might not be for sale at the moment but that may and will change. I have two accepted offers on two short sales, and I will continue to make more offers. I do this because as you know short sales take forever to close. I will actually close on the first two that make it to the finish line. Those two show up in the MLS as pendings and I may not end up with either of those properties. This brings up another question just how many homes are really "sold"? I wouldn't be surprised if I end up with 10 "pendings" but will only buy two so the other 8 will be available.